The Special Situation Report #171: July 20 Roundup
Summary of the Week in Special Situations
Table of Contents:
Update on Developing M&A
Update on Shareholder Activism
Update on Other Special Situations
Announced M&A
C-Suite Sudden Departures
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Update on Developing M&A
Kenvue (KVUE): Initiated a comprehensive review of strategic alternatives and established a Strategic Review Committee to oversee the ongoing process. (Press Release)
PTC (PTC): Autodesk (ADSK) said it plans to pursue its "strategic priorities" and make only "targeted and tuck-in acquisitions," suggesting there will be no deal with software firm PTC. (Press Release)
Brighthouse Financial (BHF): Aquarian Holdings is in exclusive talks to acquire the U.S. life insurance company Brighthouse Financial. (WSJ)
Orion Properties (ONL): Received a revised offer from Kawa Capital Management to potentially acquire all of the outstanding shares of common stock of the company not already owned by Kawa for cash consideration of $2.75 per share. (Press Release)
FONAR (FONR): The Proposed Acquisition Group, led by CEO Timothy Damadian, offered to take FONAR private for $17.25 per share in cash. (Press Release)
Rumors
OraSure Technologies (OSUR): Healthcare entrepreneur Ron Zwanziger approached medical device maker OraSure Technologies with a takeover offer. (Reuters)
Norfolk Southern (NSC): Railroad operator Union Pacific (UNP) is holding talks to acquire its smaller rival Norfolk Southern. (WSJ)
Update on Shareholder Activism
LQR House (YHC): Robert Leshner announced that he no longer intends to effect a change in the management and direction of the company. (13D Filing)
Oportun Financial (OPRT): Entered into a multi-year cooperation agreement with Findell Capital to end the contested director election. (Press Release)
Global Payments (GPN): Elliott Management has built a sizable stake in Global Payments as the payment processing group seeks to regain investor confidence after its $24.2 billion acquisition of Worldpay led to a 10-year low in share prices. (FT)
Hewlett-Packard (HPE): Formed a new Strategy Committee of the Board, and appointed Robert Calderoni as a director effective July 16, 2025, as part of a cooperation agreement with Elliott Investment Management. (Press Release)
Update on Other Special Situations
Liberty Broadband (LBRDA): Liberty Broadband completed the spin-off of GCI Liberty. GLIBA and GLIBK began trading on Nasdaq, while GLIBB is expected to start OTC trading around July 21. Marty E. Patterson was named President & CEO, succeeding John Malone, who remains Chairman. (Press Release)
Becton, Dickinson and Company (BDX): Waters Corporation (WAT) and Becton, Dickinson and Company (BDX) announced a definitive agreement to combine BD’s Biosciences & Diagnostic Solutions (BDS) business with Waters through a tax-efficient Reverse Morris Trust transaction valued at approximately $17.5 billion. (Press Release)
FOXO Technologies (FOXO): FOXO Technologies announces that its Board of Directors has approved pursuing the spin-off of its FOXO Labs, subsidiary that is focused on the development of its epigenetics business. (Press Release)
Announced M&A
Target / Acquirer – Approximate Transaction Enterprise Value, Expected Closing
Consumer Cyclical
ZEEKR (ZK) / Geely Automobile - $8.09 bn, Q4 2025 (Press Release, Merger Agreement)
Financial Services
Veritex Holdings (VBTX) / Huntington Bancshares (HBAN) - $1.9 bn, Q4 2025 (Press Release)
Healthcare
Monogram Orthopaedics (MGRM) / Zimmer Biomet (ZBH) - $168 mn, 2025 (Press Release, Merger Agreement)
Technology
Sonim Technologies (SONM) / Social Mobile - $20 mn, Q4 2025 (Press Release)
Sudden Departures
“Sudden Departures” highlights executive exits announced with short notice, where the executive is expected to leave within 30 days.
BlackRock TCP Capital (TCPC): Chief Compliance Officer Ariel Hazzard resigns effective July 31, 2025. (Filing)
Ecolab (ECL): Chief Supply Chain Officer Machiel Duijser resigns effective July 25, 2025. (Filing)
Fidelity D & D (FDBC): Chief Operating Officer Eugene J. Walsh retires effective July 25, 2025. (Filing)
Gaming and Leisure Properties (GLPI): Eliminates the role of Chief Investment Officer Matthew J. Demchyk effective August 1, 2025. (Filing)
Halliburton (HAL): Chief Accounting Officer Charles E. Geer, Jr. resigns effective July 16, 2025. (Filing)
Harvard Bioscience (HBIO): President and Chief Executive Officer James W. Green resigns effective July 28, 2025. (Filing)
Kenvue (KVUE): Chief Executive Officer Thibaut Mongon departs effective July 14, 2025. (Filing)
Leslie’s (LESL): Chief Merchandising and Supply Chain Officer Moyo LaBode resigns effective July 15, 2025. (Filing)
Newmont (NEM): Chief Financial Officer Karyn F. Ovelmen resigns effective July 11, 2025. (Filing)
Prime Medicine (PRME): Chief Scientific Officer Jeremy Duffield resigns effective July 15, 2025. (Filing)
PureTech Health (PRTC): Chief Executive Officer Bharatt Chowrira resigns effective July 16, 2025. (Filing)
Rogers (ROG): President and Chief Executive Officer Colin Gouveia departs effective July 12, 2025. (Filing)
Sarepta Therapeutics (SRPT): Chief Financial Officer Ian Estepan resigns effective July 16, 2025. (Filing)
Upland Software (UPLD): President and Chief Operating Officer Karen Cummings retires effective July 31, 2025. (Filing)
Watts Water Technologies (WTS): Chief Financial Officer Shashank Patel resigns effective July 28, 2025. (Filing)
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